Networking for the Real Estate Entrepreneur

[Omar Johnson]

Business is like a game where the more people you are connected to the more points you have. Being connected means that not only do you know who they are, what they do, and have the means to contact them to make a request, but also that they know who you are, what you do, and have the means to contact you to make a request.

The relationship must reflect both ways in order to be of value to you in business. The name of this game is networking. Networking is the practice of accumulating points by getting to know people and getting them to know you through direct contact and referrals. The best part about it is that it's free; all you have to do is be creative and persistent about meeting people and be skilled about making a favorable impression.

One way to network is by telephone. Generate a list of potential clients and their phone numbers, and then call and introduce yourself. Once you are acquainted give them your spiel. Your manner should be informal but purpose oriented; you should aim to make a friend on the phone, but have a definite picture of the information you want to both impart and receive.

If you can come up with a list of individuals looking for investment properties or a list of owners of investment properties (such as absentee owners or landlords), this is a great place to practice this technique.

You can also use email and internet technology to network. The main advantages of this practice are that you can communicate with larger numbers of people simultaneously, and much of the work can be automated by designing a web page with a sign-up link and an auto responder. Many people are doing more and more business exclusively by email these days, so this form of networking is becoming more accepted all the time.

Of course there will always be the old fashioned method of networking, meeting people face-to-face. To do this you have to go to where the people you want to network with are located. If they have an office or place of business you can meet them there, or you can seek them out at functions designed to draw the right type of crowd.

Many localities have real estate clubs that hold regular meetings and networking events just so that people in the business can get together and get to know each other. And of course, as you meet people on a day-to-day basis and out in the field you should constantly be seeking out networking opportunities.

The most important tool for this activity is your business card, which you should have several copies of available at all times when other people might be around. And of course you should never part ways with a new acquaintance without exchanging one (or more) of yours for one of theirs.

Referral business is the reason for all forms of networking as well as the fuel that drives it. The more people you know, even non-prospects, the more chances you have to receive referrals and the more business you will have. The best way to get referrals coming to you is to give out as many as possible.

Opportunities to send referrals to people you know should be something you consciously seek out. Providing referrals to those around you is a free and highly effective way of generating good will towards yourself and establishing a favorable reputation.